British Business Bank set to give £25.5m facility to Tower Leasing

The Sheffield-headquartered British Business Bank is providing a £25.5m facility to Tower Leasing.

The transaction, made under the Bank’s ENABLE Funding programme, will allow Tower to provide additional asset finance to smaller businesses looking to acquire assets to boost business growth.

Bracknell-based Tower Leasing, with a regional office in Tamworth, was founded in 1989. The finance broker and funder has experience in providing finance to smaller businesses all over the UK, with a particular focus on finance leases for business and office equipment.

This new facility will allow Tower Leasing to grow and diversify its funding base.

Bernie Skivington, director, guarantee and wholesale solutions at the British Business Bank, said: “Our ENABLE Funding programme is an important part of our support to smaller asset finance providers like Tower Leasing as they scale up their lending to smaller businesses, helping them invest in the equipment they need to grow and succeed.

“This latest transaction is another great example of how we are increasing both the amount and diversity of funding available to these smaller finance providers.”

Kerry Howells, chief executive officer at Tower Leasing, added: “Tower Leasing are delighted to announce that we have secured a new funding facility via the British Business Bank Plc ENABLE programme.

“Lending to SMEs runs through Tower’s DNA and the ENABLE funding represents a significant milestone in Tower’s development. The facility supports our aspirations for continued growth and to broaden our offering, gaining further traction into the SME marketplace.”

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